FSA imposes lifetime ban on broker
The Financial Services Authority (FSA) has banned insurance broker David Marriott for persistent misuse of client money after using clients funds to support his businesses and finance bonuses, salary increases and new cars.
The FSA said it took action against Mr Marriott, former chief executive of two insurance intermediaries Target Underwriting and Professional Insurance Select Limited (PISL), for failing to segregate and protect money from clients’ insurance premiums.
The watchdog said Target and PISL were run as one business under the control of Mr Marriott, who used the client money to support the day to day finances at both failing firms. He also used client money to give himself and his staff bonuses and
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